A THREE-YEAR tale of boardroom rows, personality clashes and strategy changes at troubled international mining group Lonrho has reached its final chapter. This week German property dealer Mr Dieter Bock stood down as chief executive ahead of the conglomerate's imminent break-up, the first step being the sale of the hotel division to Stakis for £327 million. Mr Bock recently sold his personal shareholding in Lonrho for £414 million to South African group Anglo American.

Sale of the hotels will be followed by divestment of its African trading operations. Bock, who wants to directly buy into the mining interests, says his share sale is to avoid any conflict of interests during the break-up of Lonrho's sprawling 500 world-wide subsidiaries. Mining remains the predominant business, with interests throughout Africa worth about £1 billion.

Analysts believe the unbundling will add shareholder value by simplifying the corporate structure. Lonrho shares languish ahead of the grand finale, the market waiting for a decision on whether the mother of all sell-offs will be an outright sale or a demerger, the latter method favoured by institutions.